Keep in mind people like Trump are trying to play down the outbreak to protect the stock market.
The benchmark S&P 500 plummeted as much as 8% on Monday, its biggest intraday drop since 2010, before closing 7.6% lower. The index's sharp losses at the open prompted the first market-wide trading halt since the depths of the financial crisis in December 2008.
The Dow Jones industrial average declined 2,014 points, or 7.8%, its biggest single-day loss since October 2008.
The losses came as an oil-price war and the escalating coronavirus outbreak hammered risk assets from all sides. Equities initially gained after the halt before resuming their downward spiral.
The three major US indexes declined as investors digested the weekend's oil-market turmoil. The commodity tanked the most since 1991 on Monday morning after Saudi Arabia's surprise price cuts kicked off a production war with Russia. The move followed Russia's refusal on Friday to curb oil production and prop up the coronavirus-rattled market.
Dow plunges more than 2,000 points, biggest decline since 2008, as coronavirus fuels market turmoil
Early in Monday's session, US stocks were halted for the first time since the depths of the financial crisis.
markets.businessinsider.com
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